Search

Wall Financial Corporation - Press Release

VANCOUVER, Sept. 11, 2015 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the six months ended July 31, 2015. The Company recorded net earnings attributable to shareholders of the Company for the six months ended July 31, 2015 of $3,916,559 or $0.12 per share (July 31, 2014 – $2,850,167 or $0.09 per share).

As at July 31, 2015, earnings before interest, income tax, and depreciation and amortization (EBITDA)1, and net earnings attributable to non-controlling interest were $11,393,406 (July 31, 2014 – $9,293,973).

For the six months ended July 31, 2015, higher average daily rates achieved at the hotels resulted in revenues of $29,758,757 and earnings2 of $7,841,702 from hotel operations compared with the same period of the prior year during which the hotel operations generated revenues of $26,544,291 and earnings of $6,187,501. Revenues from the Company's rental properties for the six months ended July 31, 2015 were consistent with revenues for the six months ended July 31, 2014 while earnings for the period ended July 31, 2015 of $1,115,669 were lower than earnings for the same ended of the prior year of $1,777,573. This decrease was mainly the result of depreciation and interest expensed in respect of the Company's recently renovated rental properties. Revenue from development operations increased from $506,134 for the six months ended July 31, 2014 to $3,368,158 for the six months ended July 31, 2015 due to more lot sales closing in the first half of fiscal 2016 compared with the same period of the prior year.

Three months ended July 31

Six months ended July 31

2015

2014

2015

2014

Revenue and other income

$ 23,182,402

$ 19,642,082

$ 39,269,084

$ 33,355,025

Net loss attributable to shareholders of the Company

4,073,491

3,818,136

3,916,559

2,850,167

Net earnings per share

0.12

0.12

0.12

0.09

The above unaudited financial information, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards, using the same accounting policies and methods of application as described in notes 2 and 3 of the Company's audited consolidated financial statements for the years ended January 31, 2015 and 2014.

Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential rental apartments, development and construction of residential housing for resale, and the development and management of hotel properties.

_____________________________

1 EBITDA is a widely accepted supplemental measure of financial performance but is not prescribed by Canadian generally accepted accounting principles ("GAAP"). This non-GAAP financial measure does not have any standardized meaning and therefore, may not be comparable to similar measures presented by other companies.